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Matrix Partners raises $300 mn for third India fund

By Joseph Rai

  • 16 Aug 2018
Matrix Partners raises $300 mn for third India fund
Credit: Shah Junaid/VCCircle

Multi-stage investment firm Matrix Partners has raised $300 million (Rs 2,100 crore) for its third India-dedicated fund.

The new fund--Matrix Partners India III, LLC–raised the money from 43 investors, a filing with the US Securities and Exchange Commission (SEC) shows.

Matrix Partners India founder Avnish Bajaj declined to comment.

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Incorporated in 2006, Matrix Partners India has over the years changed from a quasi-private equity investor to a conventional venture capital firm with a focus on tech startups.

The venture capital firm, which was started by Bajaj and Rishi Navani, had launched its first fund with a corpus of $150 million and later topped it up to $300 million. Subsequently, it raised $300 million for its second fund in 2011. 

Five years later, when talks of floating a new fund were doing the rounds, Matrix Partners announced the extension of the second fund by $110 million in 2016.

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The same year, Navani quit Matrix Partners to float a new investment firm christened Epiq Capital.

Matrix has so far backed more than 60 companies including ANI Technologies Pvt. Ltd, one of India’s showcase unicorns and the company behind cab-hailing firm Ola; mobile payment services firm Mswipe; digital healthcare firm Practo; and social commerce platform Limeroad.

Early on Thursday, Matrix Partners said it has invested in &ME, a Bengaluru-based food and beverage brand focused on women’s health and wellness.
Its other recent investments include automated scooter-sharing platform Vogo Automotive and blockchain startup Elemential.

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Venture capital fundraising
 
Matrix Partners joins other big and small venture-capital firms that reached fundraising milestones earlier this year.

In June, home-grown venture capital firm Nexus Venture Partners had raised 70% of the targeted $450 million (Rs 3,005 crore) for its new fifth fund.

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Saama Capital raised $100 million (Rs 650 crore) for its new fund, Saama Capital IV, in April.

India Quotient marked the first close of raising money for its third fund at $30 million (Rs 195 crore), Fireside Ventures marked the final close of its debut fund at Rs 340 crore (about $52 million) and Prime Venture Partners announced the close of its third fund at Rs 400 crore (about $60 million) in the first quarter.

Meanwhile, Sequoia Capital, Lightbox and Blume Venture Partners are on the road or set to hit the road for launching new funds.

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